NEWFIELD EXPLORATION COMPANY (NYSE:NFX) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure
On February13, 2017, in conjunction with its presentation at the
Credit Suisse Energy Conference this week (the CS Presentation),
Newfield Exploration Company (the Company) provided
the following operational updates within its presentation:
Although cold weather in Oklahoma and North Dakota negatively
impacted U.S. operations during the fourth quarter of 2016, the
Company still expects that fourth quarter net production will be
at the high-end of its guidance range.
The Company provided an update on its most recent high-intensity
completions in the Anadarko Basin STACK play. The Company
disclosed average production results from nine new wells that are
benefitting from new, larger completion designs. The wells were
some of the first completed with 2,100 gallons per foot and 2,100
lbs per foot of proppant. These completion designs are
significantly larger than the average of previous completions and
will be used as the standard for the 2017 program. (see slides
6-7 in the CS Presentation)
The Chlouber and Dorothy pilots, also located in STACK, were
completed in late 2016 and have obtained longer-term production
rates. The Chlouber and Dorothy pilots are both outperforming the
Companys estimated type curve. (see slides 6-7 in the CS
Presentation)
The Company expects to release its fourth quarter and year-end
2016 financial and operating results, as well as its 2017
outlook, after market close on February21, 2017. A conference
call with analysts and investors is scheduled for 10 a.m.(CST) on
February22, 2017.
A copy of the CS Presentation is furnished herewith as
Exhibit99.1.
The information in Item 7.01 of this Current Report, including
the exhibit attached hereto as Exhibit99.1, are being furnished
and shall not be deemed filed for the purposes of Section18 of
the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that Section. The information in
Item 7.01 of this Current Report shall not be incorporated by
reference into any registration statement or other document to
the Securities Act of 1933, as amended, except as otherwise
expressly stated in such filing.
Cautionary Note Regarding Forward-Looking
Statements
This Current Report on Form8-K includes forward-looking
statements. Other than historical facts included in this Current
Report on Form8-K and the CS Presentation, all information and
statements, including but not limited to information regarding
planned capital expenditures, estimated reserves, estimated
production targets, drilling and development plans, the timing of
production, planned capital expenditures, and other plans and
objectives for future operations, are forward-looking statements.
Although, as of the date of this Current Report on Form8-K, the
Company believes that these expectations are reasonable, this
information is based upon assumptions and anticipated results
that are subject to numerous uncertainties and risks. Actual
results may vary significantly from those anticipated due to many
factors, including but not limited to commodity prices, drilling
results, our liquidity and the availability of capital resources,
operating risks, industry conditions, China and U.S. governmental
regulations, financial counterparty risks, the prices of goods
and services, the availability of drilling rigs and other support
services, our ability to monetize assets and repay or refinance
our existing indebtedness, labor conditions, severe weather
conditions, and other operating risks. Please see the Companys
2015 Annual Report on Form10-K and subsequent public filings, all
filed with the U.S. Securities and Exchange Commission (the
SEC), for a
discussion of other factors that may cause actual results to
vary. Unpredictable or unknown factors not discussed herein or in
the Companys SEC filings could also have material adverse effects
on actual results. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of
the date of this Current Report on Form8-K. Unless legally
required, the Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Item 9.01 Financial Statements and
Exhibits
(d) Exhibits
|
99.1 |
Company Presentation at Credit Suisse 22nd Annual Energy |
About NEWFIELD EXPLORATION COMPANY (NYSE:NFX)
Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids (NGLs). The Company’s operations are focused primarily on large scale, onshore liquids-rich resource plays in the United States. Its segments are the United States and China. Its principal areas of operation are the Anadarko and Arkoma Basins of Oklahoma, the Williston Basin of North Dakota, the Uinta Basin of Utah and the Maverick, and Gulf Coast basins of Texas. In addition, it has oil developments offshore China. Its proved reserves of over 510 million barrels of oil equivalents (MMBOE) consist of over 310 MMBOE proved developed producing, 20 MMBOE proved developed non-producing and 180 MMBOE proved undeveloped reserves. Its proved liquids reserves are over 290 million barrels. Over 71% of its proved liquid reserves are crude oil or condensate. Its proved natural gas reserves are over 1,305 billion cubic feet (Bcf). NEWFIELD EXPLORATION COMPANY (NYSE:NFX) Recent Trading Information
NEWFIELD EXPLORATION COMPANY (NYSE:NFX) closed its last trading session up +0.23 at 42.00 with 2,009,178 shares trading hands.